Sydney and Melbourne lose sales intensity with days on market yet to reach 2013 speed: APM

Jonathan ChancellorDecember 7, 2020

APM indicators suggest the early 2014 residential sales market has so far failed to return to the rapid sales intensity of late 2013 across capital cities.

It emerged in the latest Australian Property Montors days on market data.

Sydney and Canberra have however shown tentative signs of days on market declining during February.

apm-march-5-chart-one

Source: Australian Property Monitors                               

The average discount required to sell a property has shown varying degrees of fluctuation on an almost city by city basis.

apm-march-5-chart-two

Source: Australian Property Monitors

Canberra regained its regular status as requiring the least discounting, with Sydney still in the APM red hot zone of vendors typically needing just the 4.8% reduction on asking price to achieve a sale.

But Dr Andrew Wilson, the senior economist for Australian Property Monitors, expects Sydney price growth to slow from midwinter especially should economic pessimism outweigh optimism.

news@propertyobserver.com.au

                                                  

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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